By Angela McDaniels
Tacoma, Wash., July 19 – Royal Bank of Canada priced $6.98 million of trigger autocallable contingent yield notes due July 19, 2018 linked to the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 11% per year if the index closes at or above its downside threshold, 58% of the initial index level, on the observation date for that quarter.
The notes will be automatically called at par of $10 if the index closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the final index level is greater than or equal to the downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index’s final level is less than its initial level.
UBS Financial Services Inc. and RBC Capital Markets LLC are the agents.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying index: | Euro Stoxx Banks
|
| Amount: | $6,979,000
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| Maturity: | July 19, 2018
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| Contingent coupon: | 11%, payable quarterly if index closes at or above downside threshold on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless index finishes below downside threshold level, in which case full exposure to index’s decline from initial level
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| Call: | Automatically at par if index closes at or above initial level on any quarterly observation date
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| Initial index level: | 89.86
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| Downside threshold: | 52.12, 58% of initial level
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| Pricing date: | July 15
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| Settlement date: | July 20
|
| Agents: | UBS Financial Services Inc. and RBC Capital Markets LLC
|
| Fees: | 1.5%
|
| Cusip: | 78014C376
|
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